CNBC experts shared their views on the roots of the ongoing Bitcoin (BTC) bullish rally as well as on its possible target.
War, options and halving
Jehan Chu, co-founder of Kenetic Capital and early blockchain investor, named some issues that may be treated as the causes of the Bitcoin (BTC) rise.
According to him, the U.S-Iran uncertainty and positive launch of Bitcoin options trading on the Chicago Mercantile Exchange affected the Bitcoin (BTC) price. The CME Bitcoin (BTC) options launch is one more way for the large institutional investors to enter the Bitcoin (BTC) market.
Also, the event of 'halving' which will reduce the reward for Bitcoin (BTC) transaction validation in May, 2020, may fuel this price pump. Vijay Ayyar, Head of Asia for cryptocurrency exchange Luno, told CNBC that the next Bitcoin (BTC) halving is not priced in:
Any price increase as we’re seeing, people have an eye on May for sure.
$16,000 as a 'reasonable target'
Many traders are guessing whether Bitcoin (BTC) can outperform its own all-time high of December, 2017 (almost $20,000) during this bullish cycle. This year could result in splendid ROI for the number one blockchain, says Mr. Ayyar.
According to him, $15,000 to $16,000 price on Bitcoin (BTC) is a 'reasonable target' by year end.
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